[서울=뉴스핌] Reporter Kim Seon-mi = As the US Federal Reserve (Fed) reaffirmed its dove, the global stock market is rising slightly on the 18th, but concerns about inflation in the market are raising their heads and government bond yields and the US dollar are rising again.
The MSCI Global Index, which tracks stock markets in more than 50 countries around the world, has risen slightly and is trading near an all-time high.
At the beginning of the European stock market, the German DAX index started at an all-time high, and the MSCI Japan Excluding Asia Pacific Index rose 0.8% earlier.
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However, US stock index futures such as the S&P 500 and Nasdaq 100, excluding the Dow Jones, fell, reflecting that US Treasury yields continue to exert pressure on technology stocks.
The Fed expects the US economy to grow by 6.5% this year, the highest since 1984, after meeting the Federal Open Market Committee (FOMC) for two days the previous day, and inflation will fall again over the years after surpassing the stabilization target of 2 to 2.4%.
Fed Chairman Jerome Powell said that inflation will rise to 2.4% this year, but this will be a temporary phenomenon.
However, with concerns over rising inflation and early interest rate hikes, US long-term Treasury yields are rising again from the European market on this day.
The US 10-year Treasury bond yield rose to the highest level in 13 months at 1.74%, and the gap between the 2-year bond yield was 155bp (1bp = 0.01% point), the highest level since September 2015. Eurozone government bond yields are also rising.
The expected break-even inflation rate, which is the result of subtracting the 10-year price-linked bond (TIPS) yield from the US 10-year Treasury Bond yield, reached 2.3%, the highest since January 2014.
As a result, in the foreign exchange market, the US dollar, which fell to its lowest level in two weeks after the Fed rejected the possibility of an early rate hike, is moving forward again.
Following the Fed, the Bank of Japan and the Bank of England will present improved economic outlook at policy meetings this week, but are expected to send messages that a full recovery will still take a long time.
In the commodity market, international oil prices and spot gold prices are falling slightly.